Affluent Americans Have Money Worries Too

Half of those surveyed by Harris Interactive said they
feel less financially secure than they did a year ago,
according to a Harris news release. The survey included a
sampling of those with 2002 household incomes of $100,000
or more plus household assets of $250,000 or more,
excluding residence and employer-sponsored retirement
plans.

Their skittishness shows up in their investing
decisions, according to the poll.
A third (34%) indicated they have moved assets to
less-risky investments and 27% have moved assets to
investments with guaranteed returns. Yet nearly a third say
the market volatility hasn’t prompted them to change their
spending or investment habits.

The see-sawing financial markets have also not driven
many of the respondents into the waiting arms of a
financial advisor with 58% reporting that market events
have not affected their need for financial advice. In fact,
compared to those who use an advisor for guidance, those
who say they depend on a financial advisor to make most or
all decisions for them are more likely to feel less secure
now than they did a year ago.

Men More Likely to Be Financially Self
Reliant

While more than two thirds (70%) say they interact with
an advisor, about half (49%) most often rely on their own
judgment when making financial decisions. Men are more
likely to rely on themselves (57% compared to 37% of
women). Those who say they rely on others when making
financial decisions most often look to certified financial
planners (19%), brokers (13%) or friends/family (11%).

Of the affluent respondents who have advisor contact,
more than three times as many are advisor-guided (54%) as
are advisor-dependent (17%). The advisor-guided listen
to recommendations but make their own decisions. Only 2% of
all those polled indicated their assets are completely in
an advisor’s hands.

Among all respondents, most (70%) either have, or
believe they should have, a long-term financial plan.
Advisors have played a role in developing the plan for
two-thirds (65%) of those with a plan. Men are much more
likely than women to believe they do not need a written
financial plan (40% of men, 14% of women).

The survey was conducted by Harris Interactive online
within the US between January 28 and February 3, 2003 among
a sample of 217 adults who were the sole or joint family
financial decision maker.